Well hello there, my dear folks! Are you ready for some serious car insurance advice from none other than Mr. Martin Lewis himself? Well, buckle up (safety first, am I right?) and let's dive right into it. First and foremost, let's talk about a rule change that's coming up and how it might affect your car insurance policy. Martin Lewis urges drivers to check their car insurance ahead of this rule change. What is this rule change, you ask? Well, from the 31st of October 2021, the Financial Conduct Authority's (FCA) new rules will require insurers to offer renewal premiums to existing customers at the same price as new customers. This means that the days of letting your insurance policy auto-renew without checking for better deals are over. Now, you might be thinking, "But wait, won't my insurer give me the best deal anyways?" The answer is not necessarily. A recent study found that loyal customers tend to pay significantly more for their policies than new ones. This means that insurers are taking advantage of your loyalty and charging you more than what new customers are paying. So, before your policy is up for renewal, make sure you shop around and compare prices from different insurers. But here's the thing, shopping around for car insurance can be a daunting task. There are so many different insurers, policies, and coverage options to choose from. Luckily, Martin Lewis has a 21-day car insurance hack that can save you up to £1,000. Yes, you read that right, one thousand pounds! The trick is simple, just buy a new policy 21 days before your current one expires. This way, you can take advantage of the best prices before they start to increase as your policy expiry date approaches. Moving on, let's talk about car insurance excess. What is excess, you ask? It's the amount of money you agree to pay towards any claim you make on your insurance policy. For example, if you have an excess of £500 and you make a claim for £2,000, you will pay the first £500 while your insurance will cover the remaining £1,500. So, how can you save money on your excess? Well, Martin Lewis suggests increasing it. Wait, what? That sounds counterintuitive. But hear him out, increasing your excess can actually reduce your premium cost. You just need to make sure you can afford to pay the increased excess in case of an accident. Now, let's say you're planning a road trip abroad and are wondering if your car insurance will cover you. The answer is, it depends. Some comprehensive policies do offer coverage for driving in other countries, but you should always check with your insurer beforehand. Martin Lewis also suggests considering taking out a separate policy for the trip, especially if you're planning on driving in countries where driving can be more dangerous. A separate policy can offer additional coverage and peace of mind. Moving on to one of my favorite topics, saving money! Did you know that changing the day you apply for car insurance can save you money? It might sound crazy, but it turns out that insurance companies offer different rates depending on the day of the week you apply. Martin Lewis suggests applying on a Monday or Tuesday, as these tend to be the cheapest days. He also suggests avoiding applying on a Friday or Saturday, as these tend to be the most expensive. Let's take a look at a graph that shows how car insurance prices vary depending on the month. As you can see, prices tend to decrease towards the end of the year, and increase towards the beginning. This is because more people tend to buy new cars at the beginning of the year when new models are released, and more people tend to renew their policies at the end of the year. Finally, let's talk about the power of not auto-renewing your car insurance. Did you know that you can save a significant amount of money just by taking the time to shop around for a better deal instead of letting your policy auto-renew? Martin Lewis tells the story of a customer who saved £500 just by switching to a different insurer instead of letting their policy auto-renew. And the best part is, it only took them 10 minutes to do it! So, don't let loyalty cost you more than it should. Always take the time to compare prices and find the best deal for you. Well, folks, that's it for today's car insurance advice from Martin Lewis. We hope you found it helpful and informative. Remember, always do your research, shop around, and never settle for the first policy you come across. Take care, drive safely, and happy saving!
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